Your dream home is within reach
From roofing and solar to air conditioning and windows, we’re here to help with your home improvement financing.
A simple financing process
- Credit decision in seconds and online loan execution
- Apply without affecting your credit score
- The benefit of worry-free automatic loan payments
- $0-down with short and long payment terms available
- No pre-payment penalties
Solar Loan Experience
Loan application
Once you’ve made the decision to go solar and found a reputable contractor to install your system, it’s time to decide whether you want to finance the system or purchase it outright. You can read a little more about financing options here.
If financing makes the most sense for your situation, you will need to submit a loan application through your contractor of choice, who will be able to walk you through the pre-qualification process and answer any questions you may have. Don’t worry about a hard credit inquiry* – at Dividend, we perform a soft credit check during the loan application process so your credit score will not be impacted. The application process takes less than a minute, and most applications receive an approval** notification in a matter of seconds.
Congrats! You’ve been approved for a Dividend Solar Loan!
Now that you’re pre-approved for solar financing, it’s time to sign your loan documents. Once all documents have been signed and you have satisfied any stipulations, Dividend will issue a “Notice to Proceed” (NTP) to your installer, to let them know that the financing aspect of your solar project is ready to move forward. You can access your signed loan agreement at any time by logging into the Dividend Customer portal.
Once you’re an official customer of Dividend, it’s time to login and set up your Dividend account. In the Dividend Customer portal, you will have the ability to download your loan agreement, view your loan details, payment due date, and more.
*Note: By submitting a loan application, you authorize a soft credit check, which will not affect your credit score. However, a hard credit inquiry may be conducted at a later date, which may impact your credit score.
**Note: As with any financing, final approval is contingent upon our review of your completed application and satisfaction of all underwriting requirements.
Installation begins
Once Dividend has issued “Notice to Proceed” to your solar contractor, the rest of the process will be mostly between you and the contractor. Prior to installation, your contractor will likely perform a site survey, finalize the system design to meet your specific household needs, and begin the permit application process as required by your local jurisdiction. There are several parties involved in the process of going solar, and your contractor should coordinate all of the paperwork for you. You will need to sign an interconnection application with your utility, requesting approval to interconnect the system to the utility grid. Your contractor should provide clear expectations related to the installation process, necessary permits, and all associated timelines.
Once the installation is complete, your contractor will schedule any required inspections, and work with your utility to install the bi-directional net energy meter. Once the net meter is installed, the utility will issue the Permission to Operate letter, which is the official agreement between you and the utility that allows you to send electricity back to the grid.
Dividend welcome call
Once your contractor confirms the installation of your system, Dividend will disburse loan proceeds to your contractor. We will then begin reaching out to you to complete a “Welcome Call” to review several key items:
- Ensure that we have a good phone number and know the best way to reach you
- Confirm the installation was completed to your satisfaction
- Review your loan terms, payment amount ,and due date
- Answer any questions you may have about your Dividend loan
- Review payment information in the Customer portal
- Reminder if you are enrolled in the Dividend Installer Bill Coverage program, your installer will cover up to 9 months of payments, or until PTO (Permission to Operate), is achieved within that period.
Dividend is constantly striving to improve our services, and we are always open to any feedback you may have regarding your experience with your solar contractor or Dividend. Please be on the lookout for a call from Dividend once your installation has been completed. If you would rather not wait to receive a call you may also give us a call at (844) 805 7100.
Inspection and PTO
Once your system has been installed, the next step is inspection and PTO approval. Most jurisdictions require your solar system to be inspected before energization to ensure compliance with local building codes.
Once your system has passed inspection, your contractor will then submit the remaining paperwork to your utility to obtain Permission to Operate (PTO); this informs the utility that the system is complete and ready for the utility to replace your existing meter with a net energy meter.
After installing the net energy meter, the utility will issue the official Permission to Operate letter. At that point, you can energize your system and receive all the benefits of your solar system!
Congrats! Your new solar system is live and operating.
Your system is live
Now that your system is fully installed and operational, it’s time to log into your Dividend Customer portal and note when your first loan payment is due. If you have any questions, we have a dedicated staff available to help.
Finally, to ensure you receive optimal production from your solar panels, it is highly recommended that you set up a maintenance schedule to keep your panels clean and free of any debris, to ensure maximum efficiency during the lifetime of the system. For tips on system maintenance, check out our blog post.
Remember to use your inverter monitoring application to regularly monitor your system production and performance, and review your utility bill each month to check for any discrepancies. If you have any questions or need guidance on using the monitoring application, or for any issues related to the operation of your system, contact your solar installer directly.
FAQs
Loan Application & Approval
Most Dividend solar loans will receive pre-qualification* notifications in a matter of seconds.
*As with any financing, final approval is contingent upon our review of your completed application and satisfaction of all underwriting requirements.
During the application process, we will pull a soft credit check which will not affect your credit score. However, if you are approved and your loan is funded, we will pull a hard credit check which will appear on your credit report as an inquiry and may affect your credit score.
Online Portal
The Dividend Customer portal is your HQ for everything related to your loan. From the Customer portal, you can make one-time payments, adjust your bank account information, and contact Dividend if you have any questions about your loan.
Want to access your loan agreement? Simply visit the Customer portal where you can download those documents.
To check the status of your loan and upload any necessary documents, register here.
To manage payments and view your billing statements, register here.
Once your loan has been processed, everything you will need regarding your loan will be available in the Dividend Customer Portal. Make payments, set up Autopay, make additional payments, check the status of all payments, and more.
Once your loan is processed you can download your loan statements from the Dividend Customer Portal.
You can check the status of your application, upload documents, and more by logging in here.
You can log into the Dividend Customer Portal to view all loan balances as well as all payment statements.
If you would like to change the bank account that you use for automatic payments, you can simply visit the Dividend Customer Portal.
System Installation & PTO
You should coordinate with your solar installer to get a more precise timeline but there are a few things you can look for.
NTP or Notice to Proceed will be given to you and the installer from Dividend once all documents have been signed and any potential stipulations have been cleared. This means you are clear to move forward with scheduling your install.
Installation Day – Again, ensure you are communicating regularly with your installer so you know what to expect and to stay up to date on the status of your install.
No, there will need to be two inspections before your system can start to generate power.
Once your system is fully installed it will need to receive final inspection from your public utility. To prevent any confusion about the results of this inspection, please ensure you are present.
Once both inspections are cleared and you receive PTO (Permission to operate) from the utility, you are approved to start producing electricity. Either follow the instructions provided by your installer or contact them to energize your system.
Dividend, working closely with your installer, understands the challenges that can arise with delays from your local utility company in granting Permission to Operate (PTO). The “double-billed” scenario occurs when you are required to make a loan payment and your monthly utility bill payment. To protect you from potential financial strain, the installer will cover your loan payments for up to 9 months if you experience such delays.
About Your Loan
Dividend does not charge you a fee to cancel your loan. However, your Loan Agreement with Dividend is separate from your Solar Agreement with your installer/contractor. You should consult with your installer/contractor on any fees they may charge for canceling your agreement with them.
You can lower your APR by 0.5% by signing up for automatic payments.
Dividend doesn’t charge prepayment penalties on its loans, so you can pay off your loan at any time.
Dividend offers two options if you sell or transfer your home before your loan is paid off:
- Pay off the remaining balance of your loan in conjunction with the sale of your home
- Transfer your loan to the buyer of your home, provided they qualify* for the loan
*Note: As with any financing, final approval is contingent upon our review of your completed application and satisfaction of all underwriting requirements.
Your loan allows for two subsequent re-amortizations after the first re-amortization described in the Incentive Payment section below. The following is required prior to each subsequent re-amortization: (1) a minimum principal payment of $1,000; (2) a minimum loan balance of $5,000; and (3) account status must be current. You can schedule this payment and request re-amortization of your loan by contacting customer service anytime following the preliminary Incentive Investment re-amortization.
Once your final loan payment has been applied, you will then own your system free and clear and will have no more loan payments. There are no prepayment penalties, so you can always pay off your loan at any time without penalties.
You can schedule the Incentive Payment by logging into your Dividend account and electing to make a one-time payment at any time. You can also call Dividend customer service to make the payment over the phone or send us a check.
Payment Address:
Dividend
PO Box 847245
Los Angeles, CA 90084-7245
In addition to loan interest, consider the costs of system maintenance, insurance, and any potential repairs. Make sure to understand the terms of your loan and any fees associated with it.
Solar panel financing allows you to borrow money to pay for the upfront cost of your solar system. You repay the loan over time, typically in monthly installments, while benefiting from the energy savings generated by your solar panels.
Tax Credits
A tax credit is a reduction in the amount of taxes you owe, according to the IRS. And solar installations often qualify for the residential energy efficient property credit.
Note, we at Dividend a Division of Fifth Third Bank are not tax professionals and this does not constitute professional tax advice.
As of 2024, the applicable credit percentage is 30% if the property is placed in service after December 31, 2021, and before January 1, 2033.
Note, we at Dividend a Division of Fifth Third Bank are not tax professionals and this does not constitute professional tax advice.
According to the U.S. Department of Energy, to qualify for the solar federal tax credit you must meet all of the following requirements:
- You must own your home
- The solar panel system must be new or is being used for the first time
- You must own your solar panels
Monitoring & Maintenance
Work with your installer to get inverter monitoring set up. Most inverters will have an application that allows you to monitor system production and will notify you if there are any system alerts.
You should also review your monthly utility bill and check for discrepancies/see your savings from going solar.
You can view a detailed list of maintenance tips in our blog here.
If you need to change out your roof, you will need to contact your solar installer to have them both remove and re-install the system in order to maintain any potential installer-provided warranty.
While many households can see savings from installing solar energy and/or battery storage technology, the actual financial benefits can vary significantly by location and project. The solar proposal that was presented by your installer is a preliminary estimate and is not a guarantee of system production or savings.
To make an informed decision about going solar, review these resources from the Federal Trade Commission and Department of Energy.
